Norbert Lou (Punch Card Management) portfolio: Q2 2026 13F
Every US-listed position Punch Card Management reported in its 13F for Q2 2026, the quarter ended Jun 30, 2026, filed with the SEC on Aug 14, 2026. 5 positions at the quarter end, with none opened or closed during it.
Holdings at Q2 2026
| Ticker | Company | Allocation | Value | Shares | Change |
|---|---|---|---|---|---|
| BRK-A | Berkshire Hathaway Inc | 42.42% | $108.58M | 145 | Unchanged |
| CROX | Crocs, Inc. | 27.20% | $69.63M | 577,170 | Trimmed |
| PDD | PDD Holdings Inc. | 12.37% | $31.66M | 415,004 | Unchanged |
| PYPL | PayPal Holdings, Inc. | 10.61% | $27.16M | 628,907 | Unchanged |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 7.39% | $18.93M | 188,000 | Trimmed |
What changed in Q2 2026
| Action | Ticker | Company | Share change | Value |
|---|---|---|---|---|
| Trimmed | CROX | Crocs, Inc. | -17,400 | $69.63M |
| Trimmed | SGOV | iShares 0-3 Month Treasury Bond ETF | -272,000 | $18.93M |
About these holdings
The 13F on record for Norbert Lou (Punch Card Management L.P.), filed on Aug 14, 2026, reports 5 positions as of Jun 30, 2026. The largest is Berkshire Hathaway Inc (BRK-A) at 42.4% of the reported portfolio, followed by Crocs, Inc. (CROX, 27.2%) and PDD Holdings Inc. (PDD, 12.4%). The three largest make up 82.0% of it. Against the previous quarter, it trimmed 2.
Berkshire Hathaway Inc (BRK-A), the largest position, is also held by 14 other investors tracked here. Of those, Guy Spier, Josh Tarasoff, Thomas Russo and Christopher Bloomstran hold the most of it as a share of their own portfolios.
Other investors
Mohnish PabraiGreg AlexanderMichael BurryClifford SosinValley Forge CapitalGuy SpierNelson PeltzLi Lu